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Regime: Risk-off, with escalating Middle East tensions driving haven demand and weighing on equities; VIX at 16.89. Today’s market themes: Geopolitical risk: Oil spike and risk-off sentiment due to heightened tensions in the Strait of Hormuz. USD strength: Continued consolidation after recent gains, influenced by yield differentials and risk aversion. ECB…
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Where we are: The DXY is trading around 118.75, consolidating overnight gains, following a period of sideways movement. This is slightly above Friday’s close. Key levels to watch are 119.00 as resistance and 118.50 as immediate support. The market appears to be waiting for fresh catalysts before committing to a direction.…
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Where we are: S&P 500 futures are currently trading around 5120, holding steady after an overnight dip following reports of escalating tensions in the Middle East. The index remains within striking distance of its recent all-time highs, supported by underlying strength in tech earnings. The futures are slightly below Friday’s cash…
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Where we are: Gold currently trades around $4,540 per ounce, testing its lowest level since late March. Overnight, bullion remained in a narrow range but is showing downside pressure as NY traders prepare to come online. The key level to watch remains the March low around $4,500, a break of which…
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Where we are: EUR/USD is currently trading around 1.1705, having broken above the overnight high of 1.1695. The pair held a tight range overnight, finding support near 1.1670. This level is just above the prior NY close of 1.1665, with the break above suggesting building bullish momentum heading into the New…
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Where we are: Nasdaq 100 futures are currently trading around 18,350, down about 0.4% on the session. This pullback comes after a solid week where the index notched fresh records. The overnight range has been relatively contained, but the bias is clearly lower as risk sentiment sours. We’re sitting below Friday’s…
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Where we are: Cable is currently trading at 1.3585, having tested but failed to convincingly break above the 1.36 level overnight. The pair remains rangebound, oscillating between 1.3550 and 1.3620 since the European open, and is slightly below Friday’s New York close of 1.3610. We’re watching to see if early weakness…
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Where we are: USD/JPY is trading around 157.25 early in the New York session, consolidating after a volatile overnight session that saw the pair briefly spike lower following suspected intervention. The pair remains well above Friday’s close near 156.00, but is struggling to build on the momentum after pushing against 158.00…
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Where we are: Dow futures are currently trading around 38,750, modestly lower after an overnight range of roughly 150 points. This level is below Friday’s New York close and suggests a cautious start to the week. Key support lies around 38,600, while initial resistance is seen near 38,850. What’s driving it:…
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Where we are: USD/CAD currently trades around 1.3680, holding steady after a relatively quiet overnight session. The pair remains within striking distance of its recent lows, having tested the 1.36 level last week. The near-term bias still favours a grind lower, but the market needs a fresh catalyst to break the…
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Where we are: BTCUSD is currently trading around $80,200, consolidating after briefly topping $80,000 overnight. The price action has been choppy, with an initial surge during the Asian session followed by a pullback in early European trade. We are holding above the prior New York close, but the bulls lack conviction…
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Where we are: The FTSE 100 is trading around 10,365 in pre-market, slightly below Friday’s close. It consolidated within a tight 10,350-10,400 range overnight, mirroring the lacklustre close following the bank holiday weekend. Key support remains at 10,300, while resistance is at the 10,450 level, a breach of which would suggest…
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Snapshot: AUD/USD trades heavy near 0.7200, pressured by growing expectations of an RBA rate cut as early as May or July. Bullock’s recent statement highlighting “uneven” progress on inflation continues to be digested. No key Australian data scheduled before the NY open. Watch 0.7150; break opens a test of the April…
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Snapshot: WTI crude is trading around $102.6 per barrel, up sharply following reports of heightened tensions in the Strait of Hormuz. Although a US official denied reports of a direct attack on a US warship, increased Iranian naval activity is raising concerns. Watch for risk sentiment into the NY open. Geopolitical…
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Snapshot: Nikkei 225 closed up 0.38% on Friday at 59,513, but gains were likely capped by a sharp rally in the Yen. Japanese markets are closed for public holidays until May 6th. The rally in Keyence Corp (7.2%) and Tokyo Electron (6.9%) helped lead the index higher. Watch for reaction to…
